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Wednesday, May 22, 2024

Access Banking Anytime, Anywhere: Open an Account Online with Zero Balance

Online banking makes banking convenient and accessible for all. The introduction of a savings account with zero balance makes it easier to include the unbanked population in the banking and financial world. They can reap the benefits of banking and enjoy the facilities the bank provides without having to maintain a minimum amount in their savings account.

Let’s dive into the world of zero-balance digital accounts and uncover their incredible features, along with a simple guide to help you easily open one.

Features of a Zero Balance Digital Account

No Minimum Balance: These accounts have no minimum balance requirements. It means you don’t need to maintain a specific balance. You can open the account with nothing in it.

Free Passbook Facility: You get a free passbook that lets you easily track your transactions and account balance.

Free Cash and Cheque Deposits: Depositing cash and checks into the account is free at bank branches and ATMs, making it convenient to manage your finances and add money whenever needed.

Free RuPay Card: You’re given a free Rupay debit card. You can use it for online purchases, bill payments, and ATM withdrawals.

Customer Support: Banks that offer zero-balance digital accounts usually provide special customer support options. You can chat, email, or call them.

Free BillPay: You get lifetime free bill payment services to easily pay your utility bills right from your account with no extra costs.

Documents Required to Open an Account

To open a savings account with a zero balance from Kotak811, you must provide certain documents for the KYC process. 

Proof of Identity: To prove your identity, any official photo ID issued by the government will work. That includes a passport, voter ID card, PAN card, an ID from a government or defence job, a driving license, or another government-issued photo ID with your name and photo. You can show any photo ID the government has issued that verifies who you are!

Proof of Address: Banks accept documents such as Passports, Driving Licenses, Salary Slips, Income Tax Assessment Orders, utility bills (not older than two months), and Bank Statements. 

A Guide to Opening a Zero Balance Digital Account Online

Step 1: Phone Number Registration 

To initiate the process, visit the bank’s website and enter your mobile number, preferably the one linked to Aadhar. The bank will call you to start the journey to get a free savings account online.

Step 2: Bank’s Call 

When the bank calls, an agent will walk you through the account opening process. They’ll explain the Know Your Customer (KYC) options to you.

Step 3: Documents 

The agent will ask for the required documents during a video call. The preferred options are Aadhar and PAN cards. If you don’t have Aadhar, submit the PAN card with other documents.

Step 4: PAN Card 

If you don’t have a PAN card, you will have to submit a declaration called Form 60. It is filed as per Income Tax Act, Rule 114B. It is mandatory, and no account can be opened without it.

Step 5: Activation of Account

After submission of your documents, your picture will be taken against a plain background. The agent will take the picture from their end and activate your account immediately. The bank will then send your passbook, debit card, and other materials to your registered address.

How To Manage Your Zero Balance Digital Account

You Can Add Money: You can deposit money into your account in many ways. You can transfer funds from another account, mail a check to the branch (some banks offer home check pickups, too!), or visit a branch to deposit cash.

By Online Banking: Most banks provide online banking for digital accounts. You activate it by downloading the bank’s app or visiting its website. It lets you check your account balance and pay bills.

Debit Card: Zero-balance accounts come with debit cards, either virtual or physical, depending on the bank. Virtual cards work for online transactions, while physical cards work online and in stores. Remember that some banks charge extra for physical cards while others limit the number of free ATM withdrawals.

Conclusion

Free savings accounts online like Kotak 811 have made banking more accessible and convenient. These accounts offer many useful features for the digital age we live in. So what are you waiting for? Open an online account and start enjoying the perks of a zero-balance digital account today!

Ahsan Khan
Ahsan Khan
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